Company’s Chief Financial Officer Ed Sitar (pictured above) Named 2015 “CFO of the Year” By NJBIZ
When it comes to treating cancer, early detection and a personalized treatment plan can be critical. Rutherford-based Cancer Genetics, Inc. (CGI) is a key player in the development of tools that help physicians and pharmaceutical companies identify genomic markers to determine the best and most efficient cancer treatments.
CGI’s “bench to bedside” approach ensures that the research and development (R&D) that happens in its labs translate into actionable information for clinicians and pharmaceutical companies. This means that with the information CGI provides, patients can receive customized and potentially lifesaving treatments.
“We believe that getting the right treatments to the right patients at the right time is absolutely critical,” CGI Chief Financial Officer Ed Sitar said. “CGI’s cutting-edge proprietary tests and state-of-the-art reference laboratory provide vital information where patients and their physicians need it most – to diagnose, monitor and design cancer treatment.”
In the last two years, CGI has acquired companies in India and China and has greatly extended its global reach. Through these acquisitions, CGI expanded its offering to include both hematological and solid tumor testing.
CGI currently holds 84 global patents and 30 United States patents. It also contracts with seven of the top 10 biopharmaceutical companies in the world. CGI offers 10 proprietary, commercially-launched tests and actively supports over 70 clinical trials with its testing, genomic services, and biomarker capabilities.
As part of its commitment to continued research to accelerate the field of cancer genomics, CGI partners with over 17 leading institutions and established a joint venture with Mayo Clinic that focuses on collaborations surrounding multiple myeloma, lung cancer and follicular lymphoma. Known as OncoSpire, the venture is developing diagnostic tests that CGI hopes will become the new standard for diagnosing and managing patients with these diseases. CGI reports that there are over two million cases annually of these diseases.
“New Jersey’s technology ecosystem invites and encourages innovation and collaboration,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said. “It is great to see CGI working with national institutions and partners in the global fight against cancer.”
CGI’s team is achieving successes externally and internally; earlier this year CGI’s Ed Sitar was selected as CFO of the Year by NJBIZ in the Public Company category.
CGI has benefited from New Jersey’s Technology Business Tax Certificate Transfer (NOL) Program since 2012. Administered by the EDA and the New Jersey Department of Treasury's Division of Taxation, the NOL program enables companies to sell unused New Jersey net operating losses and R&D tax credits for cash to finance their growth and operations. The sale to unrelated profitable corporations in New Jersey has been critical to many New Jersey companies in managing their cash flow. To date, more than $860 million in funding provided through the NOL Program has helped over 500 different businesses.
@NJEDATech asked Sitar about CGI’s experience in New Jersey and its plans for the future:
Why did CGI choose to establish itself in New Jersey?
New Jersey provides a perfect concentration of the elements needed to help an emerging technology company prosper. In CGI’s case, the company moved from Cambridge, MA primarily to accommodate CGI Founder Dr. Raju S. K. Chaganti and his scientific team, who were all largely at Memorial Sloan Kettering Cancer Center in New York City. New Jersey also provides access to the talent we needed to continue to innovate - both scientific and business talent. New Jersey is in a great biotechnology and pharmaceutical corridor--close to research institutions, universities, many clinicians at some of the most highly recognized teaching and treatment hospitals in the country, and to our pharmaceutical partners.
How will CGI use funding received through this year’s allocation of the NOL Program?
CGI will use the funding for further investment in R&D activity and to advance development of our commercial tests and sales infrastructure.
What is CGI’s biggest success to date?
Our biggest successes to date have ultimately happened outside our lab...changing patient lives, accelerating approvals for new drugs, and making changes in the personalization of diagnosis and therapies. Internally, our success has been our growth, our integration of three new companies across the globe, and the launch of our ten proprietary tests. These acquisitions have allowed us to have a national and international footprint and to expand our offering to include solid cancers as well as hereditary cancers. The acquisitions have established CGI as a leading personalized medicine company in the field of oncology diagnostics.
What’s on the horizon for CGI?
CGI is uniquely positioned to be the oncology diagnostic partner of choice. We live and breathe our bench to bedside mission every day through our collaborations, our tests, and our approach to addressing cancer treatment and research.
To learn about programs and initiatives that support the technology industry, visit http://www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.